Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

BenQ BM Holding Cayman Corp. / Equity Capital Markets

BenQ BM Holding Cayman Corp., a subsidiary of Qisda Group, listing in Hong Kong.

<ul>
<li>BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.</li>
<li>Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.</li>
<li>Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.</li>
</ul>


BenQ BM launched its Hongkong IPO aiming to raise up to HK$783M. The company plans to sell 67M shares at a price band of HK$ 9.34-HK$ 11.68 per share.
Proceeds to be used for expansion and upgradation of existing hospitals, for mergers and acquisitions opportunities and for general corporate purposes and working capital needs.
Amid sluggish sales and margin pressure, we think that the BenQ BM issue is overvalued and investors can comfortably avoid subscribing to the offer.


BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

Thematic (Sector/Industry)

<ul>
<li>China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.</li>
<li>Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.</li>
<li>PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.</li>
</ul>


China has published 2025 National Reimbursement Drug List, which will be officially implemented nationwide on January 1, 2026. The list added 114 new drugs, including 50 Class 1 innovative drugs.
Fosun Pharmaceutical subsidiary inked exclusive global collaboration and license agreement with Pfizer for weight loss drug candidate YP05002. SanBio obtained partial change approval to the marketing authorization for Akuugo.
PeptiDream achieved milestone of nominating a clinical development candidate from collaboration program with Asahi Kasei. Zydus Lifesciences entered strategic partnership with Formycon for exclusive licensing and supply of Keytruda biosimilar.


APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

Equity Bottom-Up

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has reported 3Q25 result, with double-digit YoY growth in key parameters. Key parameters also improved sequentially. Stellar 3Q performance was powered by high-margin young products.</li>
<li>In 4Q25, Celltrion is expected to achieve sequential revenue growth of at least 30%, the COGS ratio in the mid- 30% range, and the operating profit margin improving to 40%.</li>
<li>Stable revenue from mature products and rapid growth from newly launched products should drive topline growth. With the merger effect ending in 3Q25, profitability should improve in 4Q.</li>
</ul>



Celltrion Inc (068270 KS) has reported 3Q25 result, with double-digit YoY growth in key parameters. Key parameters also improved sequentially. Stellar 3Q performance was powered by high-margin young products.
In 4Q25, Celltrion is expected to achieve sequential revenue growth of at least 30%, the COGS ratio in the mid- 30% range, and the operating profit margin improving to 40%.
Stable revenue from mature products and rapid growth from newly launched products should drive topline growth. With the merger effect ending in 3Q25, profitability should improve in 4Q.


Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

SANTEN PHARMACEUTICAL CO., LTD. produces and sells ophthalmic medicine.  The Company manufactures a variety of products including eye drops and ointments. Santen Pharmaceutical also imports lenses and tools and equipment used by optometrists and produces anti-rheumatic drugs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> witnessed revenue drop with profits also declining in H1FY26. Sequential quarterly improvement a positive. EMEA and Asia grow driving the overseas business rise.</li>
<li>Company reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY). H2FY26 expected to be strong.</li>
<li>Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.</li>
</ul>



Santen Pharmaceutical (4536 JP) witnessed revenue drop with profits also declining in H1FY26. Sequential quarterly improvement a positive. EMEA and Asia grow driving the overseas business rise.
Company reiterated FY26 guidance where revenue is projected at ¥294B (down 2% YoY) and core operating profit at ¥54B (down 9% YoY). H2FY26 expected to be strong.
Regular drug development, consistent approvals for new indications coupled with licensing deals and its market leadership position will help Santen to see through the sluggishness.


Santen Pharmaceutical (4536 JP): Sequential Improvement, Guidance Reiterated, Better H2 Anticipated

Nephrocare Health Services Limited / Equity Capital Markets

Nephrocare Health Services is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.

Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal. These clinics have been established through a combination of greenfield setups, brownfield acquisitions, and public-private partnerships (PPP).

NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services like nutrition and mental health, along with critical care treatments such as plasmapheresis and hemodiafiltration.

Nephrocare Health Services Limited (0542669D IN)

<ul>
<li>Nephrocare Health IPO will open for subscription on December 10, 2025 and close on December 12, 2025. The IPO price band has been set at INR 438–460 per share.</li>
<li>The issue consists of fresh issue aggregating INR3,534M and offer for sale of up to 11.25M equity shares. At the upper price band, the company aims to raise INR8,710M (~$97M).</li>
<li>The company will use IPO proceeds for funding capex for opening 167 new dialysis clinics in India over FY26–28 and pre-payment, or scheduled repayment, of certain borrowings. </li>
</ul>


Nephrocare Health IPO will open for subscription on December 10, 2025 and close on December 12, 2025. The IPO price band has been set at INR 438–460 per share.
The issue consists of fresh issue aggregating INR3,534M and offer for sale of up to 11.25M equity shares. At the upper price band, the company aims to raise INR8,710M (~$97M).
The company will use IPO proceeds for funding capex for opening 167 new dialysis clinics in India over FY26–28 and pre-payment, or scheduled repayment, of certain borrowings. 


Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Tina Banerjee
Global Healthcare Analyst

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

Celltrion reported YoY and sequential growth in all key parameters in 3Q powered by high-margin new products. In 4Q25, Celltrion is expected to...

Tina Banerjee

Santen Pharmaceutical (4536 JP): Sequential Improvement, Guidance Reiterated, Better H2 Anticipated

Santen Pharma sees revenue and profits decline in H1FY26. Expects strong H2FY26 with growth in EMEA and Asia driving overseas business rise. Drug...

Tina Banerjee

Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion

Nephrocare IPO will open for subscription on December 10, with price band being set at INR 438–460 per share. The company seeks to raise ~$97M to...

Tina Banerjee

BenQ BM IPO: Competition Driven Sluggishness, Margin Pressure Make the Issue Unattractive

​BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Tina Banerjee

APAC Healthcare Weekly (December 14) – China NRDL, Fosun Pharma, SanBio, Peptidream, Zydus Life

China published 2025 NRDL, adding 114 new drugs. Fosun Pharma inked outlicensing deal with Pfizer for obesity drug candidate. PeptiDream achieved...

Tina Banerjee

Celltrion (068270 KS): Stellar 3Q Result; Poised for Accelerated Growth on Expanding Portfolio

Celltrion reported YoY and sequential growth in all key parameters in 3Q powered by high-margin new products. In 4Q25, Celltrion is expected to...

Tina Banerjee

Santen Pharmaceutical (4536 JP): Sequential Improvement, Guidance Reiterated, Better H2 Anticipated

​Santen Pharma sees revenue and profits decline in H1FY26. Expects strong H2FY26 with growth in EMEA and Asia driving overseas business rise. Drug...

Tina Banerjee

Nephrocare Health IPO Review: Filtrating Growth Through Secular Demand and Network Expansion

Nephrocare IPO will open for subscription on December 10, with price band being set at INR 438–460 per share. The company seeks to raise ~$97M to...

Tina Banerjee

BenQ BM launches Hong Kong IPO to raise up to HK$783M, but amid sales and margin concerns, investors may want to steer clear of the overvalued offer.

Santen Pharma sees revenue and profits decline in H1FY26. Expects strong H2FY26 with growth in EMEA and Asia driving overseas business rise. Drug...